Ringgit wilts under weight of strong USD, weak oil

KUALA LUMPUR (Mar 1): Ringgit falls for a third day as the dollar extends gains and energy prices lose further ground.

* USD/MYR climbs 0.2% to 3.9240

** Support 3.8663, 3.8465, 3.8170; resistance 3.9430, 3.9670, 4.0055

** BBDXY +0.1%; Brent crude -1%

* Stronger dollar and lower oil prices are weighing on the ringgit but BNM’s pre-emptive interest-rate hike in January will provide some buffer for MYR, says Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore

** Sentiment may also be helped by govt’s plan to shut state investment fund 1MDB

** NOTE: 1MDB Chairman Irwan Serigar Abdullah said the fund will be closed after debts are paid with revenue from government projects, New Straits Times reported Wednesday